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Baltimore Market Reports

Baltimore Office Market

Average Asking Rent (Price/SF) $23.92
Vacancy Rate (%) 13.0%
Net Absorption (SF) 65,520

The Baltimore metro office market experienced steady office leasing metrics in 2019, with moderating absorption, a small uptick in asking rents and a consistent vacancy rate. Baltimore saw its absorption pace cool in 2019, with 198,213 square feet of annual net absorption. This figure represents a deceleration from 2018, which saw 614,126 square feet of net absorption. The overall vacancy rate for Baltimore's office market was 13.0% at the end of the fourth quarter, up 20 basis points from one year ago. Although leasing activity decelerated in 2019, the region's significant cybersecurity and defense contracting presence continued to generate leasing requirements, particularly in suburban submarkets including BWI and Columbia. Asking rents ticked up in the fourth quarter to $23.92/SF, a 1.0% increase from a year ago. With the continued flight-to-quality in the market, asking rents will likely continue to tick up as new product delivers.

Baltimore Industrial Market

Average Asking Rent (Price/SF)
Vacancy Rate (%)                       8.2%
Net Absorption (SF)                 568,317

Baltimore's industrial market fundamentals tightened during 2019, with positive net absorption, rising rental rates, and declining vacancy. Although vacancy ticked up slightly from the third quarter, it declined 60 basis points during 2019. Average asking rental rates are 5.1% higher than they were the previous year. The Baltimore industrial market registered 568,317 square feet of net absorption during the fourth quarter, in line with the 2.4 million square feet of absorption registered through the first three quarters to bring annual absorption to 3.1 million square feet.

Baltimore Office Market Report
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Baltimore Industrial Market Report
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Baltimore Multifamily Market Report
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Opportunity Zones in the Mid-Atlantic
March 2019
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